Texas Comptroller Glenn Hegar added NatWest Group Plc to a list of companies that his office considers to boycott the fossil fuels industry.
The comptroller added the Edinburgh-based bank to the list due to its policy that it will not renew, refinance or extend existing reserve-based lending for the financing of oil and gas exploration, extraction and production after the end of 2025, a spokesperson for Hegar’s office said.
A US-based spokesperson for the bank didn’t have an immediate comment.
The list is the result of a Republican-backed state law that took effect in 2021. Under the measure, Hegar is charged with compiling a list of financial firms that “boycott” the fossil fuels industry. If a firm is added to the so-called divestment list, state entities like pension funds have to sell their holdings of the company, and it is ineligible for certain public contracts.
BlackRock Inc. was among the 15 firms that were previously on the comptroller’s list, which has been updated several times since its initial release in 2022. Most of the companies on the list are European firms.
What do you think? We’d love to hear from you, join the conversation on the
Rigzone Energy Network.
The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.
MORE FROM THIS AUTHOR
Bloomberg
